Greece to cap profit margins on fuel and supermarket goods for three months

Athens, Greece. Greece will impose a three-month cap on profit margins on fuel and products on supermarket shelves to counter speculation linked to rising energy prices from the U.S.-Israeli war on Iran, Prime Minister Kyriakos Mitsotakis said on Wednesday.

Government measures

Mitsotakis announced the move during a monthly meeting with the Greek president, saying, “This turmoil should not lead to profiteering.” The government is expected to provide details of the measures later on Wednesday.

Oil market backdrop

Oil prices rebounded on Wednesday as markets doubted whether the International Energy Agency’s reported plan for a record release of oil reserves could offset potential supply shocks from the conflict in the Middle East.

How do you expect the three-month profit margin cap to affect prices at fuel stations and supermarkets?